On 28th October, KYC 360 carried a Miami Herald article claiming that Venezuela’s gold reserves were being stolen by a consortium led by strongman Nicolás Maduro and his inner circle – and that the consortium might be earning more than $1.5 billion per year, the final amount depending on the gold content of the processed sands and the market price of the metal.  At the centre of the gold mining business is said to be the Domingo Sifontes Industrial Complex, which is controlled by Eduardo José Rivas, a trusted partner of the presidential family.  Beneficiaries said to be a small number of key members of Maduro’s inner circle, who control the whole operation, including former Vice-President Tareck El Aissami; Maduro’s stepson, Walter Flores; National Guard head, Antonio Benavides Torres, and Maduro’s Colombian partner, Alex Saab – all of whom have been sanctioned by the US government.

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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